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What to look at when purchasing vacant land

On Behalf of | Jan 3, 2023 | Residential Real Estate

People purchase vacant land for many reasons, such as building a house or starting a small farm. The prospect of taking an empty piece of property and making it their own can be very exciting for most. However, it is important to take a step back and consider all the factors when making such an important decision.

Here are a couple of things to look at when purchasing vacant land in South Carolina.

Zoning laws

Zoning laws determine what property owners can do with their piece of land or building. For example, some municipalities only allow a certain number of unrelated individuals to reside in a single-family dwelling, while other towns do not allow certain types of businesses to open within their limits. Potential buyers want to make sure that whatever they have in mind for their vacant piece of land abides by local rules and regulations.

The local area

Nothing exists in a vacuum, and this is especially true when it comes to purchasing an empty plot. For example, if someone wants to build a home on a piece of land in a remote location for privacy, they should avoid buying in a quickly-growing area where they might have lots of neighbors in a matter of two or three years. On a more positive note, people who wish to monetize their land will benefit from knowing the market of the surrounding area.

It is important to know what to look for when going through with a major purchase like vacant land in order to avoid making a costly mistake.